All of this is occurring after the hottest year on record, with...
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Japan’s 3 major casualty insurers plan to sell $9.5 billion of cross-held shares
Eliminating cross shareholdings is seen by many as a yardstick for...
Cyberattack costs Marks & Spencer $403 million in operating profit
The British retailer will try to mitigate the impact with cost...
Total global reinsurance capital shrinks 12% to $638bn in 2022:Gallagher Re report
The drop in capital was driven by a decline in the value of investments. There was also a conspicuous absence of new capacity, despite the potential attraction of much tightened pricing and terms and conditions Perhaps most notably, for the first time in the past ten...
Howden accelerates growth in the Gulf with the establishment of Howden Bahrain
Dalal Buhejji, Executive Director of Business Development for Financial Services at the Bahrain Economic Development Board, said: “In line with the Financial Services Sector Development Strategy under the Kingdom’s Economic Recovery Plan which outlines an overall...
UN maritime agency raises concerns about shadow oil tanker fleet
Countries including Spain, Australia, the U.S. and Canada are part of a push at the IMO to increase oversight of the murky activities in oil trading that have emerged within the last year. Russia’s invasion of Ukraine — and subsequent sanctions by Western governments...
April 1 renewals: Reinsurers maintain discipline, focus on pricing and contract improvements, Gallagher Re
``Despite this more uniform and global approach, a client-led underwriting process remained evident. Clients and markets who had seen significant price increases and tightening of reinsurance conditions in recent years consequently experienced more measured...
China cuts medical benefits for seniors due to cash shortage
In the longer term, the "grey hair movement" is indicative of a fundamental issue facing the Chinese government, how to care for a rapidly ageing society where 400 million people, or 30 per cent of the population, will be 60 or older by 2035. China's public health...
Italy curbs ChatGPT, starts probe over privacy concerns
The rapid development of the technology has attracted attention from lawmakers in several countries. Many experts say new regulations are needed to govern AI because of its potential impact on national security, jobs and education. The European Commission, which is...
Munich Re exits Net-Zero Insurance Alliance
“In our view, the opportunities to pursue decarbonisation goals in a collective approach among insurers worldwide without exposing ourselves to material antitrust risks are so limited that it is more effective to pursue our climate ambition to reduce global warming...
German court expects conviction for former Audi boss in diesel scandal
Former Audi boss Rupert Stadler The trial is one of the most prominent court proceedings in the aftermath of the diesel scandal at Volkswagen and its subsidiary Audi. Revelations that millions of emissions tests had been manipulated emerged in September 2015 According...
Philips expects to reach recall settlements this year
The company recalled millions of breathing devices and ventilators used to treat sleep apnea in 2021 because foam used to dampen noise from the devices might degrade and become toxic, carrying potential cancer risks. Dutch health technology company Philips expects to...
Russia still uses Western insurance for half of its oil shipments
“Russia’s high dependence on insurance from G-7 and European countries for shipping oil means the price-cap coalition has strong leverage,” Meri Pukarinen, Europe-Russia policy officer at the Helsinki-based Centre for Research on Energy and Clean Air, said by email....